Zenas BioPharma (ZBIO) financial statements
Zenas BioPharma reported revenue of $10M in fiscal 2025, down 55.3% a year over 2 years.
Net income was -$378M and the operating margin -3830.6%, against -74.3% in 2023.
Free cash flow was -$172M.
The diluted share count rose 2821% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Zenas BioPharma's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $50M | $5M | $10M |
| Research and development | $60M | $139M | $168M |
| Selling, general and admin | $17M | $30M | $53M |
| Operating income | -$37M | -$164M | -$383M |
| Interest expense | — | — | $7M |
| Pre-tax income | -$37M | -$157M | -$378M |
| Income tax | $301,000 | $429,000 | -$79,000 |
| Net income | -$37M | -$157M | -$378M |
| EPS (diluted) | -$24.25 | -$11.89 | -$8.44 |
| Diluted shares | 2M | 13M | 45M |
| Operating margin | -74.3% | -3277.8% | -3830.6% |
| Net margin | -74.2% | -3139.8% | -3777.4% |
Balance sheet
Fiscal years, from Zenas BioPharma's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash and short-term investments | $57M | $351M | $360M |
| Total current assets | $60M | $356M | $351M |
| Property, plant and equipment | $193,000 | $185,000 | $34,000 |
| Total assets | $68M | $370M | $384M |
| Total current liabilities | $23M | $57M | $63M |
| Long-term debt | — | — | $79M |
| Total liabilities | $44M | $58M | $141M |
| Shareholders' equity | -$226M | $312M | $242M |
| Net debt | -$57M | -$320M | -$32M |
Cash flow
Fiscal years, from Zenas BioPharma's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating cash flow | -$31M | -$120M | -$172M |
| Capital spending | $17,000 | $131,000 | $18,000 |
| Free cash flow | -$31M | -$120M | -$172M |
| Stock-based compensation | $3M | $11M | $26M |
| Net borrowing | — | — | $75M |
| Free cash flow margin | -61.1% | -2396.1% | -1723.5% |
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Open ZBIO in InvestinglyQuestions
What was Zenas BioPharma's revenue in 2025?
$10M in fiscal 2025, from its 10-K filing.
How much free cash flow does Zenas BioPharma generate?
-$172M in fiscal 2025 (operating cash flow minus capital spending).
From Zenas BioPharma's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.